Finastra Assessment Test Finastra Assessment Open Finance and APIs 4

Question 1

What does 'mTLS' (mutual TLS) add compared to standard TLS in Open Banking API security?

Accepted Answer

Both the client and server authenticate each other with certificates, not just the server authenticating itself

Answer

Mutual TLS requires both parties to present valid certificates, ensuring that the API client (e.g., a TPP) is authenticated in addition to the server.

Question 2

What is 'account aggregation' in the context of Open Finance?

Accepted Answer

Consolidating financial data from multiple institutions into a unified view for the customer or application

Answer

Account aggregation uses Open Finance APIs to pull account balances, transactions, and data from multiple banks into a single dashboard or application.

Question 3

In Finastra's developer portal, what is the primary benefit of 'API versioning'?

Accepted Answer

It allows Finastra to evolve APIs without breaking existing integrations by maintaining multiple API versions simultaneously

Answer

API versioning (e.g., /v1/, /v2/) lets Finastra introduce breaking changes in new versions while legacy integrations continue working on older versions.

Question 4

What is 'payment initiation' as defined under PSD2?

Accepted Answer

A service where a licensed TPP initiates a payment from a customer's account at their bank on the customer's behalf

Answer

Payment Initiation Services (PIS) allow authorized Third Party Providers to trigger payments directly from a customer's bank account via Open Banking APIs.

Question 5

Which data format is predominantly used in Finastra's Open APIs for request and response payloads?

Accepted Answer

JSON (JavaScript Object Notation)

Answer

Finastra's modern Open APIs use JSON as the standard payload format due to its human readability, lightweight structure, and broad ecosystem support.

Finastra Assessment Test Practice Test

Finastra Assessment Test Practice Test

Finastra Assessment Test Finastra Assessment Open Finance and APIs 4